The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1887-11-24
Henderson Wants A Remedy.

/ HnpIeSSeu by the conservative anu OK
cellent remarks of your correspondent
"R.," under the heading of 20 Hen
derson'S Wants, in your last week:
issue. Realizing the advantages to
our town of more banking capital, a,
my own expense | procured from the
last Legislature, Bank charter, with
most liberal powers, and with an au'
thorized capital of $4,000. l Of
fered to subscribe for one-half this
amount and put notice in your
paper-as you will remember-fo1
weeks, stating that books were open
for subscription to the capital stock OF
said Bank. You may be surprised to
learn that not one share, other than
those | took, was subscribed. This
proposition is still open for those de-
string to invest in such an enterprise
The present s;ringency in the
money market is not confined to our
community. 1t has been especially felt
in the great moneyed centres of the
East and West. | am not sure but
that we are better off in this respect
than some of our neighbors-for in
stance, Durham, Raleigh or even
Richmond. | have reason to know,
that commercial paper from those cit
les, and others, unable to get negotia-
ted in the home market, have applied
to this one, and in some instances not
without success. 1t is little suggest
i've, that as it appeared from the last
published official statement of the Z
National Banks of a sister city, there
was more cash money on deposit in
the Bank ofHenderon at that time than
there was in tz00 Of these Banks CON-
binea.
l do not now recall an instance in
the five years existence of the Bank of
Henderson, where a customer Of the
Institution wished accommodation and
did not sooner or later obtain it. i'll
may be permitted, | would offer two
ways by which Our community can be
benefited financially.
FIRST. Let those parties who have
received accommodations be prompt
to meet them at maturity, SO that
others may have a show. 1t is too
much the habit of our people, when
once they have obtained a loan, to
rely on extending it as long as their
makes desirable. This is |
not the life of trade or conducive to
commercial credit or success.
Second. Our people will have to be
taught to make more use of Banks as
repositories of their unemployed
money. 1t is probably because we are
an agricultural community and not
accustomed to such thing 7vAy ne do
not 40 it, but what helps the Northern
and Western sections of the country is
the general habit of those people, to
place on deposit in Banks their float
ing unemployed dollars and cents. It
IS not lntrequently the case there, that
Banks will have on deposit five and
-en times their capital as an average.
Every body there, you may say, as
soon he has little money that he has
no immediate use for, places it in
some Bank. This gives the Banks in
such communities the ability, not with
heir own capital alone, but with the
money of their depositors, to extend
oecuniary assistance and encourage
enterprise.
1t is mystery to me what becomes
of the thousands and tens and hum
1reds OF thousands of dollars that our
warehouses annually pay out to the
armers. The merchants get some of
t; L fear not their due share, but much.
not most of it, is taken home, and
What is not Immediately needed, is
aid away in some corner, or wrapped
n some stocking that has fulfilled its
!ppoInted purposes and now become
ilgnlfed into depository of the pre-
,ious metal.
Let US hope we all will see the dav
Fnen there shall be several Banks in
'ur then city; for it is not an entirely
position to have to bear the
esponsibility for the financial conve.
hence and integrity of a community
0 progressive as ours. I feel persuaded
reform in the two ways above sue.
ested would bring us immediate good
Whether the establishment of another
'ank, with only the capital we already
ave among US, with its attendant ex-
ense OF carrying on such an Institu-
on. would either benefit US or prove
lcceSs can only be determined bv
taking the experiment. :
WM. H. S. BURGwyN.
Nov. 81, 1857. l.